Federal Reserve Bank of St. Louis
One Federal Reserve Bank Plaza
St. Louis, MO 63102
Institutional Affiliation: Federal Reserve Bank of St. Louis
Information about this author at RePEc
NBER Working Papers and Publications
|September 2014||International Trade and Intertemporal Substitution|
with Michael E. Waugh: w20498
This paper studies the dynamics of international trade flows at business cycle frequencies. We show that introducing dynamic considerations into an otherwise standard model of trade can account for several puzzling features of trade flows at business cycle frequencies. Our insight is that because international trade is time-intensive, variation in the rate at which agents are willing to substitute across time affects how trade volumes respond to changes in output and prices. We formalize this idea and calibrate our model to match key features of U.S. data. We find that, in contrast to standard static models of international trade, our model is quantitatively consistent with salient features of U.S. cyclical import fluctuations. We also find that our model accounts for two-thirds of the pea...
Published: Fernando Leibovici & Michael E. Waugh, 2017. "International Trade and Intertemporal Substitution," Federal Reserve Bank of St. Louis, Working Papers, vol 2017(004).
|May 2012||Quality of Life, Firm Productivity, and the Value of Amenities across Canadian Cities|
with David Albouy, Casey Warman: w18103
We present hedonic general-equilibrium estimates of quality-of-life and productivity differences across Canada's metropolitan areas. These are based off of the estimated willingness-to-pay of heterogeneous households and firms to locate in various cities, which differ in their wage levels, housing costs, and land values. Using 2006 Canadian Census data, our metropolitan quality-of-life estimates are somewhat consistent with popular rankings, but find Canadians care more about climate and culture. Quality-of-life is highest in Victoria for Anglophones, Montreal for Francophones, and Vancouver for Allophones, and lowest in more remote cities. Toronto is Canada's most productive city; Vancouver is the overall most valuable city.
Published: David Albouy & Fernando Leibovici & Casey Warman, 2013. "Quality of life, firm productivity, and the value of amenities across Canadian cities," Canadian Journal of Economics/Revue canadienne d'économique, vol 46(2), pages 379-411. citation courtesy of